Whether you’re looking to purchase your first home, refinance your existing house, build a dream home, make some much-needed improvements or want to buy a second home, American Bank’s loan officers can help you find the option that is just right for you. We’ll take the time to answer any questions you have and put you on the right track to find the best solution.
We have several financing options for you. If you are unsure where to start, check out the Home Loan Toolkit.
With a fixed-rate mortgage, you lock in your mortgage rate for the life of the loan.
Adjustable-Rate Mortgage (ARM)
An ARM, where mortgage rates change throughout the life of the loan, is a great option for those whose needs aren’t met with other programs.
For more information on ARMs, check out these rates and disclosures which contain rate, fee and other cost information, as applicable:
United States Department of Agriculture (USDA) Rural Housing
With this special loan program, you can reduce costs for purchasing a home in a rural or suburban area.
Home Equity Line of Credit
Use the equity in your home for needed repairs, to pay off debt and more!
For more information on HELOCs, check out What You Should Know About Home Equity Lines of Credit
Financing new construction is slightly different than financing a new or existing home. A new construction loan from American Bank provides customers flexible payment options during construction, allowing you to pay interest only during the construction period. American Bank takes the hassle out of the building process by paying contractors throughout the construction period. Once construction is complete, explore permanent financing options available.
- Interest-only payments during construction
- Explore fixed-rate options upon completion of construction
- No hassle payments to contractors during construction
To make sure you qualify for a construction loan, in addition to the paperwork and documents required for a typical mortgage, American Bank will need to review and approve your builder and also collect the following documents:
- Project plans and specifications- Blueprints
- Construction contract
- Construction cost breakdown
To learn more about these Home Loan programs, and which one may be right for you, or if you have any questions, contact one of our friendly and knowledgeable Loan Officers today.
First-Time Homebuyer Tips
Rest assured, you can complete this process easily at American Bank because our team of friendly and knowledgeable lenders will be with you every step of the way!
Step 1: Start the Application Process
You can do this online at your convenience or by stopping into one of American Bank's three Beaver Dam locations or our office in Necedah.
Once your lender receives your application, you can make an appointment when it’s convenient for you, including evenings and weekends, to meet one-on-one with your dedicated lender. To contact one of our friendly and knowledgeable lenders, visit Our Lenders page.
Based on your unique situation, our lenders will be able to answer questions such as:
- How much house can I afford?
- Do I need a down payment?
- What role does my credit score play?
- How will a mortgage payment compare to a rent payment?
- And many more
Step 2: Pre-Qualification
If you provide your lender with a W2 form or tax return, past bank statements and current pay stubs, our lenders will be able to give you a pre-qualification letter after your first meeting.*
This letter will give your realtor the assurance you've met with a lender to discuss how much you can afford. It also helps avoid surprises for you later in the home-buying process.
* All loans are subject to credit approval.
Step 3: It's Time to Contact a Realtor
When you're buying a home, just like it's important to find the right lender, it's equally important to find the right realtor. Work with someone who knows exactly what you're looking for in an ideal home — and in your price range.
Step 4: Make an Offer
When you find the home that’s perfect for you, make an offer.
Work with your realtor to not only negotiate on the price of the home, but also on items such as who will be responsible for the closing costs (you or the seller).
Step 5: The Finishing Touches
Once your offer is accepted, a copy will need to be provided to your lender. You’ll also need to let him or her know which loan program you’ve chosen based on the options provided to you during the first meeting (see Step 1).
After that, an appraisal will be ordered to ensure the loan amount is appropriate.
Step 6: Closing
Congratulations! You are now a homeowner!